Multi-housing Industry is Great for the Economy
Apartment demand outstripped supply by almost double as of the end of 2014, despite the fact that current supply volumes stand at decade level highs. The most likely culprit for this market pressure can be found in jobs – high-skill, service-oriented jobs in particular – as healthy economic growth restores Chicago’s employment base to pre-recession levels. New apartment construction is focused primarily on the metro’s urban downtown neighborhoods, but even there occupancy rates remain stubbornly high.
See the NAA economic impact study by clicking the image above.